RCSA
RCSA is the annual or periodic risk assessment, run as a workflow rather than a spreadsheet. Each company keeps its own risk register on the group’s one criteria set, and each filing is reviewed and approved inside that company.
Pages in this section
Section titled “Pages in this section”| ID | Page | For |
|---|---|---|
| B2.1 | Risk register — adding a risk; the system-issued risk code | Risk Champion, Entity Risk Manager |
| B2.2 | Scoring a risk — likelihood and impact against the criteria set; the coverage check | Risk Champion |
| B2.3 | Controls and control testing — control effectiveness, test plans, results and findings | Risk Champion, Entity Risk Manager |
| B2.4 | Heat map — the residual matrix and drill-down | Entity Risk Manager, Executive |
| B2.5 | Submission and sign-off — prepare, review, approve; return; reopen | Risk Champion, Reviewer, Approver, Entity Risk Manager |
| B2.6 | Reporting periods and roll-forward — opening a year; carrying the register into the next cycle | Entity Risk Manager, Group RM |
One RCSA cycle
Section titled “One RCSA cycle”- The Group RM opens the year at the group root (B2.6).
- Risk Champions add or update their team’s risks (B2.1), score them (B2.2) and record and test the controls (B2.3).
- The coverage check shows what is still unscored; the Risk Champion submits the filing, and its risks are locked.
- The Reviewer reviews and the Approver approves, or either returns the filing with a reason (B2.5). Approval records a snapshot of what was approved.
- The heat map and dashboards show the approved position (B2.4); the parent reads it through report-up.
- At the end of the cycle the Entity Risk Manager rolls the register forward into the next one (B2.6).
Related
Section titled “Related”- ERM Core overview
- Loss Event — every loss event is tied to a risk in the register
- Roles and permissions